Million's of Canadians ceased working and the general employment charge of these aged 15 and older fell to 58.5 p.c.
That is the lowest charge since April 1997. Greater than 16 million American employees left their jobs over a
three-week interval. But two main U.S. inventory indexes—the Dow Jones Industrial Common and the S&P 500—ended
this week up greater than 12 p.c. The benchmark S&P/TSX composite index shot up 9.5 p.c. between Monday morning
and the Thursday shut.
Usually, the prospect of an financial slowdown spooks the markets as that may result in expectations of decrease company
earnings. However on this occasion, that is overshadowed by the rising realization that the COVID-19 pandemic is not going
to go on without end.
The United States could lose as many as 4.5 million jobs due to Covid-19 from April through June, according to a new
survey. Moreover, less than half of these jobs will be recovered by the end of 2021, according to economists polled in
the survey. The US economy is expected to decline sharply over the next few months, as the country continues to struggle
to contain the spread of Covid-19.Unemployment claims topped 6 million in the week ended April 4, according to reports
filed by the Labor Department on Thursday. The United States has emerged as the new epicenter for Covid-19,
with more than 466,500 cases and deaths nearing 17,000.
Job losses could hit an all-time high if the Covid-19 crisis continues for a few more months. According to the median
estimate of 45 economists surveyed by the National Association for Business Economics, job losses could hit 4.5 million
from April through June, as the US economy has come to an almost standstill.
What is scarier is that of these only around 1.9 million jobs will be added back through 2021. Per the forecasters,
unemployment rate could peak to 12% in the second quarter of 2020 compared with 4.4% in March. The rate will fall only
as low as 6% by the end of 2021. Conditions are likely to improve slightly with aggressive support in the form of fiscal and
monetary stimulus.
However, that will follow a massive contraction in the second quarter of 2020, with the median forecast of the economists
polled expecting the GDP to fall at an annualized rate of 26.5% in the April to June quarter. The predictions are in line with
the recent forecasts made by other experts and some Fed officials.
According to the most pessimistic predictions, the US economy will slash more than 10.4 million jobs in the second quarter,
with losses continuing into early next year. However, the brightest prognosis is that of around 1 million job losses over the
next three months followed by a gain of 4.5 million jobs in the next quarter.
Experts say that the US economy is already in recession and will remain in contraction through the first half of 2020 as
Covid-19 continues to halt all economic and business activities. The survey report comes just a day after the Department
of Labor reported that more than 6.6 million Americans have applied for unemployment benefits for the week ended April 4,
bringing the three week total to almost 17 million.
That is the lowest charge since April 1997. Greater than 16 million American employees left their jobs over a
three-week interval. But two main U.S. inventory indexes—the Dow Jones Industrial Common and the S&P 500—ended
this week up greater than 12 p.c. The benchmark S&P/TSX composite index shot up 9.5 p.c. between Monday morning
and the Thursday shut.
Usually, the prospect of an financial slowdown spooks the markets as that may result in expectations of decrease company
earnings. However on this occasion, that is overshadowed by the rising realization that the COVID-19 pandemic is not going
to go on without end.
The United States could lose as many as 4.5 million jobs due to Covid-19 from April through June, according to a new
survey. Moreover, less than half of these jobs will be recovered by the end of 2021, according to economists polled in
the survey. The US economy is expected to decline sharply over the next few months, as the country continues to struggle
to contain the spread of Covid-19.Unemployment claims topped 6 million in the week ended April 4, according to reports
filed by the Labor Department on Thursday. The United States has emerged as the new epicenter for Covid-19,
with more than 466,500 cases and deaths nearing 17,000.
Job losses could hit an all-time high if the Covid-19 crisis continues for a few more months. According to the median
estimate of 45 economists surveyed by the National Association for Business Economics, job losses could hit 4.5 million
from April through June, as the US economy has come to an almost standstill.
What is scarier is that of these only around 1.9 million jobs will be added back through 2021. Per the forecasters,
unemployment rate could peak to 12% in the second quarter of 2020 compared with 4.4% in March. The rate will fall only
as low as 6% by the end of 2021. Conditions are likely to improve slightly with aggressive support in the form of fiscal and
monetary stimulus.
However, that will follow a massive contraction in the second quarter of 2020, with the median forecast of the economists
polled expecting the GDP to fall at an annualized rate of 26.5% in the April to June quarter. The predictions are in line with
the recent forecasts made by other experts and some Fed officials.
According to the most pessimistic predictions, the US economy will slash more than 10.4 million jobs in the second quarter,
with losses continuing into early next year. However, the brightest prognosis is that of around 1 million job losses over the
next three months followed by a gain of 4.5 million jobs in the next quarter.
Experts say that the US economy is already in recession and will remain in contraction through the first half of 2020 as
Covid-19 continues to halt all economic and business activities. The survey report comes just a day after the Department
of Labor reported that more than 6.6 million Americans have applied for unemployment benefits for the week ended April 4,
bringing the three week total to almost 17 million.